Ally Financial swings to $384 million quarterly profit

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November 2, 2012 - 10:04 am ET

DETROIT (Bloomberg) -- Ally Financial Inc., the auto lender that received a $17.2 billion government bailout, reported a $384 million profit for the third quarter after posting a loss a year earlier.

Earnings compared with a loss of $898 million in the second quarter and a loss of $210 million a year earlier, the Detroit company and former General Motors finance arm said today in a statement.

"The U.S. auto-finance franchise continued to produce strong and consistent results despite a highly competitive market, with earning assets up 21 percent and net financing revenue up 22 percent from last year," Ally CEO Michael A. Carpenter said in the statement. "The insurance business had the highest level of written premiums since 2008."

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